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1 1. The actual quote is, “Remember that all models are wrong; the practical question is how wrong do they have to be to not be useful”: George E.P. Box. Draper, N.R. (2007). Response Surfaces, Mixtures, and Ridge Analyses, 63. John Wiley & Sons.

2 2. Daniel Kahneman, an Israeli-born psychologist, and Amos Nathan Tversky, an Israeli cognitive and mathematical psychologist, received the Nobel Prize for Economics in 2002 for their integration of psychological research into economic science. Their pioneering work examined human judgment and decision-making under uncertainty and the discovery of systematic human cognitive bias and handling of risk.

3 3. Kahneman, D. (2011). Thinking, Fast and Slow. Farrar, Straus, and Giroux.

4 4. The term was introduced by Jerry B. Harvey in a 1974 article, “The Abilene Paradox: The Management of Agreement.” The name of the phenomenon comes from an anecdote that Harvey uses in the article to elucidate the paradox.

5 5. Schmidt, A. (2016). Groupthink. In: Encyclopedia Britannica. https://www.britannica.com/science/groupthink.

6 6. Sims, R.R. (1994). Ethics and Organizational Decision Making: A Call for Renewal, 55–56. Greenwood Publishing Group.

7 7. Adapted from Kahneman, D. and Sibony, O. (2021). Noise: A Flaw in Human Judgment. Hachette Book Group. As discussed with Kahneman and Sibony in: McKinsey. (2021). Sounding the alarm on system noise. Strategy & Corporate Finance Practice.